Income Tax Assessment Act 1997
None of the following can be * utilised, to the extent it has already been utilised:
(a) a * tax loss;
(b) a * net capital loss;
(c) * net exempt income. Utilisation of losses 960-20(2)
A * tax loss is utilised to the extent that:
(a) it is deducted from an amount of assessable income or * net exempt income; or
(b) it is reduced by applying a * total net forgiven amount.
(c) (Repealed by No 96 of 2014)
A * net capital loss is utilised to the extent that:
(a) it is applied to reduce an amount of * capital gains; or
(b) it is reduced by applying a * total net forgiven amount. Utilisation of net exempt income 960-20(4)
* Net exempt income for an income year is utilised to the extent that:
(a) it is subtracted:
(i) from deductions; or
in determining a * tax loss for the income year; or
(ii) under subsection 268-60(4) in Schedule 2F to the Income Tax Assessment Act 1936 or subsection 165-70(4) or 175-35(4) of this Act;
(b) because of it, the extent to which a tax loss can be deducted in that income year is reduced; or
(c) because of it, an amount is reduced under subsection 35-15(2) (about deferral of deductions from non-commercial business activities); or
(d) because of it, a quarantined amount is reduced under subsection 26-47(8) ; or
(e) it is reduced under subsection 65-35(3) because of a * tax offset carried forward.
(f) (Repealed by No 96 of 2014)
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.